Vistaprint 2007 Annual Report Download - page 96

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VISTAPRINT LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Years Ended June 30, 2007, 2006 and 2005
(in thousands, except share and per share data)
16. Allowance for Doubtful Accounts
The Company offsets gross trade accounts receivable with an allowance for doubtful accounts.
The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit
losses in the Company’s existing accounts receivable. The Company reviews its allowance for doubtful
accounts on a monthly basis and all past due balances are reviewed individually for collectibility.
Account balances are charged off against the allowance after all means of collection have been
exhausted and the potential for recovery is considered remote.
Below is a summary of the changes in the Company’s allowance for doubtful accounts for the
years ended June 30, 2007 and 2006:
Balance at
Beginning of
Period Provision
Write-
offs/
(Recovery)
Balance at
End of Period
Year ended June 30, 2007 ........................ $50 $106 $(8) $148
Year ended June 30, 2006 ........................ $57 $— $(7) $ 50
Year ended June 30, 2005 ........................ $48 $ 16 $(7) $ 57
17. Quarterly Financial Data (unaudited)
Year Ended June 30, 2007
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total revenue ........................................... $50,003 $64,034 $69,348 $72,548
Net income.............................................. 6,048 8,312 7,385 5,398
Net income attributable to common shareholders:
Basic ............................................... $ 6,048 $ 8,312 $ 7,385 $ 5,398
Diluted ............................................. $ 6,048 $ 8,312 $ 7,385 $ 5,398
Net income per common share :
Basic ............................................... $ 0.15 $ 0.20 $ 0.17 $ 0.12
Diluted ............................................. $ 0.14 $ 0.18 $ 0.16 $ 0.12
Year Ended June 30, 2006
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total revenue ........................................... $28,898 $36,366 $41,603 $45,282
Net income.............................................. 2,901 5,466 5,264 5,604
Net income attributable to common shareholders:
Basic ............................................... $ 557 $ 5,466 $ 5,264 $ 5,604
Diluted ............................................. $ 631 $ 5,466 $ 5,264 $ 5,604
Net income per common share (1):
Basic ............................................... $ 0.05 $ 0.14 $ 0.13 $ 0.14
Diluted ............................................. $ 0.04 $ 0.13 $ 0.12 $ 0.12
(1) The Company calculated basic net income per share for the year ended June 30, 2006 using the
two-class method for the first 91 days of the year.
92